There were only 6 new highs and 880 new lows in my universe of 4,000 stocks on Tuesday. The Worden T2108 indicator is at 10%. Still mainly in cash and short.
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GMI: 0;GMI-R: 0; 55th day of QQQQ short term down-trend; T2108: 11%; QID
There were only 3 new highs and 460 new lows in my universe of 4,000 stocks on Monday. Monday was the 55th day of the current QQQQ short term down-trend. Since the first day of this down-trend on September 2nd, the QQQQ (Nasdaq 100 index ETF) has declined 37.7% and 99 of the 100 Nasdaq 100 stocks have declined, 52% have declined more than 40%. Do you see the folly of fighting the primary trend of the index? 99% of the stocks declined! Do you know how many persons are still looking for stocks to BUY??!!! In a down-trend one should be in cash or short. During this same period, the ultra inverse QQQQ ETF, QID, has advanced 87.5%. Now, that’s the way to play a down-trend!
GMI: 0; GMI-R: 0; 54th day of QQQQ short term down-trend; in cash and short
The GMI and GMI-R remain at zero. There were 5 new highs and 185 new lows in my universe of 4,000 stocks on Friday.
The Worden T2108 indicator (% of NYSE stocks above their 40 day moving average) is at 11%, still in bottom territory. The QQQQ completed the 54th day of its short term down-trend on Friday. Only 68% of the NASDAQ 100 stocks have a MACD above their signal line, down from 94% a week ago. So the technicals have weakened somewhat. I see no reason to change my strategy from remaining mostly in cash with a few select shorts.